DBRS Confirms Global 45 Split Corp. at Pfd-2

Dominion Bond Rating Service (“DBRS”) has today confirmed the ratings of Global 45 Split Corp. (“Global 45” or the “Company”) as indicated above.

Global 45 is a mutual fund corporation that holds a portfolio (the “Portfolio”) of common shares selected from the five largest companies by market capitalization in the world in nine different sectors (collectively 45 companies, the “Portfolio Companies”). In addition, the Portfolio Companies must meet a predetermined rating level. The investment in each company has similar weight of about 2.22% for each company. As of November 2005, the weightings for the same period were: Basic Materials (12.11%), Communications (10.01%), Consumer – Cyclical (11.81%), Consumer – Non-Cyclical (10.52%), Energy (10.84%), Financials (11.32%), Industrial (11.57%), Technology (10.65%), and Utilities (11.16%). The Portfolio is managed by Principal Global Investors, LLC.

Holders of the Preferred Shares will be entitled to receive fixed, quarterly cumulative distributions in an amount that will provide for an annual yield of 5.25%. The Company also pays monthly distributions to Class A Shares issued by the Company to yield 8% per annum. The distributions to both classes of shares will be made from income generated by the underlying yield on the Portfolio and from writing covered call options on the common shares in the Portfolio.

The current rating confirmation of the Preferred Shares is based on: (1) the available downside protection, (2) test of net asset value (NAV) floors for targeted and special distributions, and (3) the size, quality, and stability of the Portfolio Companies. The main constraints to the rating are: (1) the Company’s dependence on the value and dividend policies of the companies in the Portfolio universe, and (2) fluctuations in cross-currency rates among the prices of the underlying assets. There is a risk that use of covered-call option-writing strategies can potentially distribute the income to the Class A Shares while reducing the NAV of the Portfolio, resulting in lower levels of protection for the Preferred Shares.